SPY Rallying - Market Analysis for May 24th, 2006

Heading into the final two hours of trading, the SPY's are rallying off of a test of yest.'s low at 124.67. At this juncture, only continued strength that hurdles the prior intraday rally peak at 126.75 will trigger important buy signals that will argue against another last hour reverse and capitulation. And although my work certainly shows the requisite underlying oscillator conditions to support a potent recovery rally-- in this brutal tape, we will believe it when we see it! MJP 5/24/06 2 PM ET 125.73

For more of Mike Paulenoff, sign up for a Free 15-Day Trial to his new ETF Trading Diary -- a combination of his diary services.

  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!